What would happen if the bank decides to repossed my moms car? And will it affect me?
I noticed that my mom has been late on making payments to the bank, and that reason is because she has so many things to pay off. What would happen if the bank decides to repo the car and if she tries to hide it. Will this affect me to, because they keep coming to the house and I keep telling them that she isn’t here and she isn’t here to tell you the truth, but you see here I am student in northridge and I don’t like getting into this kind of mess I am not sure what to do, but I am hoping that I am not involved, because it can screw up my life. I just barely got accepted to the cal state university too.
I am not a coborrower on the loan, nor did I sign anything I am saying what would happen if she tried to hide the car is it against the law? If it is I dont want to be involved, I am trying to move out of here because it is a hassle being here. Too much problems keep building up.
I wouldn’t be able to help my mom out either, because she did mess up my credit and I am stuck on a debt management program and I have to make sure that I make payments on time. Once I start working I probably cant assist her, because that car is way too expensive its like 18,000 dollers and her credit is bad so that means her interest is gonna be high. But let say I start working I would only have enough to support myself I would have to pay rent, pay for books, pay for the dmp program, pay for food, pay for anything else that I need such as utilities.
August 17th, 2010 at 9:46 pm
As long as you aren’t listed as a co-borrower on the loan for the car, it should not hurt you.
Unless your social security number is associated with the loan, it will not affect you credit report.
If you’d like to read more about what goes into your credit score, check out the link below. It is from the Fair Isaac company and it gives a good explination of credit scores and credit reports.
I hope that helps.
August 17th, 2010 at 10:29 pm
How is your mom’s credit history going to ruin your life? You are not responsible for your mother, she is. If you don’t like it, move out of the house. I am assuming you are at least 17, live with a friend or other family member. Or, why not trying to work and help your mom out a little bit.
August 17th, 2010 at 11:24 pm
not as long as you are not on the loan ,tell mom hide that car good , they will take it ant time ,any where
August 18th, 2010 at 12:05 am
Your Mom is a deadbeat, you are OK.